Diligent Investors LLC purchased a new position in shares of Beyond Meat, Inc. (NASDAQ:BYND) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,492 shares of the company’s stock, valued at approximately $235,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Baillie Gifford & Co. raised its position in shares of Beyond Meat by 23.6% in the second quarter. Baillie Gifford & Co. now owns 8,384,493 shares of the company’s stock valued at $1,320,474,000 after buying an additional 1,602,561 shares in the last quarter. BlackRock Inc. increased its position in Beyond Meat by 0.6% in the 2nd quarter. BlackRock Inc. now owns 2,228,559 shares of the company’s stock valued at $350,976,000 after buying an additional 14,286 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Beyond Meat by 4.0% in the first quarter. Geode Capital Management LLC now owns 634,399 shares of the company’s stock worth $82,547,000 after purchasing an additional 24,273 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Beyond Meat during the first quarter valued at approximately $48,756,000. Finally, Schroder Investment Management Group grew its stake in shares of Beyond Meat by 100.4% during the 1st quarter. Schroder Investment Management Group now owns 306,288 shares of the company’s stock worth $39,854,000 after acquiring an additional 153,432 shares during the period. Institutional investors own 51.57% of the company’s stock.
A number of equities research analysts recently commented on the stock. Sanford C. Bernstein upped their price target on shares of Beyond Meat from $130.00 to $178.00 and gave the company an “outperform” rating in a report on Wednesday, June 16th. Credit Suisse Group boosted their price target on Beyond Meat from $120.00 to $123.00 and gave the company a “neutral” rating in a report on Friday, May 28th. Cowen initiated coverage on shares of Beyond Meat in a research note on Friday, September 10th. They set a “market perform” rating and a $124.00 target price for the company. Piper Sandler cut Beyond Meat from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $120.00 to $95.00 in a research note on Wednesday, September 15th. Finally, Argus downgraded shares of Beyond Meat from a “buy” rating to a “hold” rating in a research note on Wednesday, August 25th. Eight analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $124.00.
Beyond Meat (NASDAQ:BYND) last released its earnings results on Thursday, August 5th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.08). The business had revenue of $149.43 million during the quarter, compared to the consensus estimate of $140.24 million. Beyond Meat had a negative return on equity of 26.78% and a negative net margin of 20.11%. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. On average, equities analysts anticipate that Beyond Meat, Inc. will post -1.34 EPS for the current fiscal year.
About Beyond Meat
Beyond Meat, Inc engages in the provision of plant-based meats. Its products include ready-to-cook meat under the brands The Beyond Burger and Beyond Sausage; and frozen meat namely Beyond Chicken Strips and Beyond Beef Crumbles. The company was founded by Ethan Walden Brown and Brent Taylor in 2009 and is headquartered in El Segundo, CA.
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